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Monday, October 19, 2015

Update on Base metals 19 Oct 2015





Copper



Support at 343 and Resistance at 349---352

Two consecutive closes below 343 will take to 335---328 mark in days to come else it could test its resistance level of 349---352 again

Further upside rally seen only close above 352 mark

Traders can sell copper on rise with strict stop loss above 352 on closing basis







Zinc



Told to sell around 116.20---116.40. Slipped and made a low of 114.45 and now trading around 114.80

Now what to expect???

Close below 114 will see further panic till 112---110.50 mark in days to come else it could test its resistance level of 116.50---118.00 again

Chances are unlikely to move upside... So any sharp rise will be selling opportunity but trade with levels only







Lead



Support at 115.50 and Resistance at 118.50

Two consecutive closes below 115.50 will take to 113---112 and then to 110 mark in days to come else it could test its resistance level of 118.50 again

Three consecutive closes + weekly close above 118.50 will take to ???

Trade with levels only







Aluminium



Told to sell Aluminium below 99.40. Just made a low of 98.35

Three consecutive closes + weekly close below 99.40 will see free fall in days to come

On rise sell it!! Stop loss intact 100.80








Nickel



Support at 670 and Resistance at 700

Two consecutive closes below 670 will take to 640---625 and then to 610 mark in days to come else it could test its resistance level of 700 again

Further upside rally seen only close above 700 mark





More will be update soon!!